Wearable Tech - Thematic Intelligence

Wearable Tech - Thematic Intelligence

Summary

The wearable tech industry was worth $99.5 billion in 2022 and will reach $290.6 billion by 2030, expanding at a compound annual growth rate (CAGR) of 14.3% between 2022 and 2030, according to GlobalData forecasts.

Sales of hearables and smartwatches will drive growth in the market. Integration of artificial intelligence (AI) could usher in a new era of interactive and intelligent wearable devices, offering improved user experiences. The next generation of hearables will be designed for greater comfort, provide longer battery life, and feature immersive spatial audio, health monitoring, and AI-based communication.

Key Highlights

Enterprises will be a key market for wearable tech devices over the next three years, outpacing the consumer segment. Wearable tech devices are currently deployed across logistics, defense, manufacturing, travel and tourism, and healthcare, primarily for training and remote support. Healthcare, particularly patient monitoring, remote training and support, and telehealth services, holds significant promise. Creating devices that can be used for longer, are lightweight, and have practical use cases will help companies generate demand and revenue.

The growth of the smartwatch market is driven by consumer interest in health and fitness tracking. With health monitoring features and capabilities advancing beyond just recording activity, smartwatches will continue to challenge the relevance of fitness trackers.

Smart glasses and virtual reality (VR) headsets have been around for some time but have not become mainstream due to a dearth of compelling use cases, high prices, and privacy concerns. Companies that can find a niche and create compelling use cases will have the best chance of succeeding.

Scope

• This report provides an overview of the wearable tech theme.
• It identifies the key trends impacting growth of the sector over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
• In includes a comprehensive industry analysis, outlining the key growth areas and potential use cases.
• It identifies the best-positioned players in the wearable tech industry, across all segments of the value chain.
• The report also includes a timeline charting the development of the wearable tech theme.

Reasons to Buy

• Wearable tech is a key market in the broader Internet of Things industry. It has garnered significant attention and hype in the last decade, thanks to the popularity of devices such as Fitbit fitness bands and Apple Watches. As the underlying technologies advance, wearables could potentially transform how we interact, monitor health and well-being, and consume digital content in immersive environments.
• The report is an invaluable guide to this disruptive theme, including a breakdown of the wearable tech value chain and profiles of leading vendors.